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An Efficient Mechanism to Control Correlated Externalities: Redistributive Transfers and the Coexistence of Regional and Global Pollution Permit Markets

We compare tradable permit markets and emission taxes as self-enforcing mechanisms to control correlated externality problems. By “correlated” we mean multiple pollutants that are jointly produced by a single source but which simultaneously cause differentiated regional and global externalities (e.g., smog and global warming). By “self-enforcing” we mean mechanisms that account for the endogeneity that exists between competing jurisdictions in the setting of environmental policy within a federation of regions. We find that joint domestic and international permit markets are Pareto efficient, while joint emissions taxes are not.

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File URL: ftp://repec.bus.usu.edu/RePEc/usu/pdf/ERI2002-23.pdf
File Function: First version, 2002
Download Restriction: no

Paper provided by Utah State University, Department of Economics in its series Working Papers with number 2002-23.

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Length: 35 pages
Date of creation: Dec 2002
Date of revision:
Handle: RePEc:usu:wpaper:2002-23
Contact details of provider: Web page: http://apec.usu.edu/
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